CORRECTION | Thursday, April 23
The Opinion column “Approve new bank” contained several factual errors. The bank will not be, as the column stated, a nonprofit organization; rather, it will seek to be profitable, and it will have to pay taxes on its profits. (The bank itself will be owned by a bank holding company which, in turn, will be owned by a nonprofit organization known as First City Fund Corporation.) In addition, the bank will not be funded by a $25 million grant from the NewAlliance Foundation, as the column said. Rather, the $25 million will come instead as part of a 2004 settlement between the New Haven...
